Gannu & Ethan,
Thanks for your replies.
I got it working, so thought of writing couple points on it.
I got the PS3 from US, along with all other games from US.
Earlier, I was unsure whether it would or not, since all the TVs here support PAL.
1. PS3 is region free.It will work in any country, irrespective where its bought.
2. It supports 100-240V. So there is no need to get a step down or a step up convertor for the supply
3. Most of the games now-a-days will support PAL as well as NTSC, thats the way developers design the game.
4. However, if we use HDMI, we won't have any issues with PAL/NTSC.
5. Lastly, in my case I had it set to display HD via HDMI, that the reason why nothing showed up on my TV earlier.
6. I had to reset that setting (by holding the power button for 5-10 seconds & it will automatically detect and change the earlier setting)Now, I have connected it via the usual RCA cable.
I hope, it helps the future people looking having the same issues.
Thanks.